Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The retail sector is experiencing a rise in emotional consumption trends, with leading retail companies actively transforming through quality retail, cross-border trendy play, and co-branding with fashion IPs, which is expected to lead to performance recovery and valuation revaluation in the long term [4][30] - The report highlights the ongoing disclosure of annual and quarterly reports, indicating that high-quality companies in high-prosperity sectors are worth monitoring [4][27] - The retail index has shown a slight increase of 0.07% recently, but has decreased by 5.00% since the beginning of 2025, underperforming the broader market [6][15] Summary by Sections Retail Market Review - The retail index closed at 2127.02 points, with a weekly increase of 0.07%, ranking 24th among 31 primary industries [6][15] - The supermarket sector showed the largest increase this week, while the watch and jewelry sector has led the gains since the beginning of 2025 [18][21] Retail Insights: Focus on Beauty Care, Gold Jewelry, and Traditional Retail - The report emphasizes the performance divergence among companies in the cosmetics, medical beauty, gold jewelry, and traditional retail sectors, with a positive outlook for quality companies in the retail sector due to the recovery of consumer demand [27][30] - Key companies such as Yonghui Supermarket and Aiying Room are highlighted for their proactive transformation and potential for performance recovery [41][42] Key Company Performances - Proya achieved a 28.9% increase in net profit in Q1 2025, supported by a series of new product launches [47] - Yonghui Supermarket reported a revenue of 174.79 billion yuan in Q1 2025, down 19.3% year-on-year, but is undergoing significant store renovations [30][46] - The report suggests focusing on companies with strong growth potential in high-prosperity segments, including Proya, Aiying Room, and gold jewelry brands like Laopu Gold and Chaohongji [44][42]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The consumer retail sales growth rate rebounded month-on-month in March, indicating strengthened expectations for consumption policies. The food and beverage index declined by 1.4% from April 21 to April 25, ranking 28th among primary sub-industries, underperforming the CSI 300 by approximately 1.7 percentage points. The snack food (+4.5%), soft drinks (+2.2%), and other alcoholic beverages (+0.1%) sectors performed relatively well [3][12][14] - The first quarter of 2025 saw a decrease in the allocation of food and beverage stocks by funds, with the allocation ratio dropping from 10.6% in Q4 2024 to 9.8%, marking a new low since 2020. Active equity funds reduced their allocation to food and beverage stocks, while the allocation to liquor stocks increased slightly [3][12][14] - The Central Political Bureau meeting emphasized increasing income for low- and middle-income groups and boosting service consumption to enhance economic growth. This aligns with the optimistic outlook for the consumption sector. Despite pressures on the performance of liquor, condiments, and frozen food in Q1, the snack sector showed strong growth, with companies like Salted Fish and West Oat achieving significant revenue increases [4][13] Summary by Sections Weekly Insights - Funds reduced their allocation to food and beverage stocks, but holdings became more concentrated, with the snack sector showing outstanding performance [12] - The food and beverage index underperformed the market, with a decline of 1.4% [14] Market Performance - The food and beverage index fell by 1.4%, ranking 28th out of 28 sectors, underperforming the CSI 300 by about 1.7 percentage points. Snack food, soft drinks, and other alcoholic beverages showed relative strength [12][14] Upstream Data - Some upstream raw material prices have decreased, with the price of whole milk powder increasing by 28.7% year-on-year, while fresh milk prices fell by 10.7% year-on-year [17][22] Liquor Industry News - Wuliangye plans to launch 17 new product series, indicating ongoing innovation in the liquor sector [43] Memorandum - Attention is drawn to the upcoming Q1 report disclosure of Kweichow Moutai on April 30 [44]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [4][6]. Core Insights - The company reported a revenue of 11.372 billion yuan in 2024, a decrease of 6.97% year-on-year, and a net profit attributable to shareholders of 269 million yuan, down 62.14% year-on-year [1][5]. - The company is actively expanding its duty-free business and exploring new business formats to meet consumer demand, including successful bids for airport duty-free projects and the introduction of various experiential retail formats [3][4]. - The company has adjusted its profit forecasts downward for 2025 and 2026 by 21% and 15% respectively, while introducing a new profit forecast for 2027 [4]. Financial Performance Summary - In Q4 2024, the company achieved a revenue of 2.872 billion yuan, a decline of 2.92% year-on-year, and a net loss of 158 million yuan [1]. - The overall gross margin for 2024 was 40.16%, down 1.68 percentage points year-on-year, with a Q4 gross margin of 40.12%, down 3.86 percentage points year-on-year [2]. - The company's operating expenses ratio increased to 31.58% in 2024, up 1.90 percentage points year-on-year, with Q4 expenses ratio at 36.64%, an increase of 1.51 percentage points year-on-year [2]. Business Development and Strategy - The company has successfully established a comprehensive duty-free layout, covering offshore, port, and city duty-free operations, with new stores set to open in early 2025 [3]. - New business formats are being integrated, such as the Wangfujing Joy Shopping Center, which combines over 60 second-dimensional brands and IP resources, and experiential formats in various stores [3].

Investment Rating - The report maintains a "Buy" rating for key companies in the textile and apparel industry, including Anta Sports, Li Ning, and Bosideng [5][11][24]. Core Insights - Adidas is expected to achieve a revenue of €6.153 billion in Q1 2025, representing a 13% year-on-year growth, with a 17% growth for the Adidas brand excluding Yeezy [1][16]. - The textile and apparel sector is anticipated to experience a recovery in demand in 2025, supported by government policies and increased participation in sports activities [3][22]. - The report emphasizes the importance of focusing on companies with strong fundamentals and quality brands for potential investment opportunities [3][22]. Summary by Sections Adidas Performance - Adidas forecasts a 13% year-on-year revenue growth for Q1 2025, with a gross margin increase of 0.9 percentage points to 52.1% [1][16]. - The company expects double-digit growth across all consumer markets [1][16]. Market Trends - The retail sales of clothing, shoes, and textiles in China grew by 3.4% year-on-year in the first quarter of 2025, with the sportswear segment expected to outperform overall textile consumption [3][22]. - The report suggests a volatile recovery in demand for the textile sector throughout 2025 [3][22]. Recommendations - The report recommends focusing on companies with strong fundamentals, such as Shenzhou International and Huayi Group, with respective 2025 PE ratios of 11x and 15x [4][23]. - Key companies highlighted for investment include Anta Sports, with a projected 2025 PE of 18x, and Bosideng, expected to deliver strong performance in 2025 [24][25]. Company Performance - Anta Sports reported significant growth in Q1 2025, with terminal sales increasing by high single digits, and other brands showing a 65%-70% year-on-year increase [24]. - For the home textile sector, Luolai Life expects a 20% growth in 2025, with a net profit of CNY 520 million [24][41].

机构：一季度中国智能手机市场同比增长5% 小米重回第一 智通财经4月27日电，Canalys最新数据显示，2025年第一季度，中国智能手机市场出货量达7090万部， 受到国家补贴政策提振及消费复苏推动，同比温和增长5%，延续了自2024年开启的复苏趋势。其中， 小米出货量达1330万部，同比增长40%，时隔十年重回第一，市场份额19%。华为紧随其后，依旧维持 双位数增长，出货1300万部，位列第二。OPPO、vivo分别以1060万部和1040万部的出货量位列第三和 第四。苹果在其传统旺季后出现下滑，出货920万部，同比下跌8%，排名第五。 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][6] Core Views - The company experienced a decline in revenue and net profit in 2024, with total revenue of 11.372 billion and a net profit of 269 million, representing a year-on-year decrease of 6.97% and 62.14% respectively [1][4] - The company is actively expanding its duty-free business and exploring new business formats to meet consumer demand, including successful bids for duty-free operations at airports and the introduction of various experiential retail formats [3][4] Financial Performance Summary - In Q4 2024, the company reported revenue of 2.872 billion, a decrease of 2.92% year-on-year, and a net loss of 158 million [1] - The overall gross margin for 2024 was 40.16%, down 1.68 percentage points year-on-year, with Q4 2024 gross margin at 40.12%, down 3.86 percentage points year-on-year [2] - The company’s operating expenses increased, with a total expense ratio of 31.58% for 2024, up 1.90 percentage points year-on-year [2] Profit Forecast and Valuation - The profit forecasts for 2025 and 2026 have been revised down by 21% and 15% to 490 million and 559 million respectively, with a new forecast for 2027 at 610 million [4][5] - The report provides a detailed financial summary, indicating a projected revenue growth rate of 3.71% for 2025 and a decline in net profit growth rate of 82.34% for the same year [5][10] Business Strategy and Development - The company is enhancing its duty-free layout and strengthening new consumption formats, which are expected to benefit from overall consumption recovery policies [4] - New business initiatives include the integration of over 60 second-dimensional brands and IP resources in shopping centers, and the introduction of experiential formats such as e-sports and cultural performances [3]

Core Viewpoint - The Hong Kong stock market is gradually stabilizing and rebounding as the impact of tariffs diminishes, with significant gains in major indices, particularly in technology and consumer sectors [1][2]. Group 1: Market Performance - As of April 23, the Hang Seng Technology Index rose by 2.84%, the Hang Seng Index by 2.11%, and the Hang Seng China Enterprises Index by 1.83% [1]. - Since March 20, the Hong Kong stock market has experienced continuous adjustments, but has begun to recover due to interventions from state-owned enterprises [2]. Group 2: Investment Opportunities - The Hong Kong stock market is seeing a growing proportion of technology and new consumer companies, which are expected to account for 54.5% of the total market capitalization by the end of 2024 [2]. - ETFs focusing on technology, consumption, and innovative pharmaceuticals are becoming popular among investors, providing efficient access to these sectors [1][3]. Group 3: Specific ETF Products - The Hong Kong Technology 50 ETF (513980) targets large-cap technology leaders with high R&D investment and revenue growth, including companies like Meituan and Tencent [2]. - The Hang Seng Consumption ETF (513970) focuses on essential and discretionary consumer goods, excluding alcohol and internet platforms, aiming to capture opportunities in consumer recovery [3]. - The Hong Kong Innovative Drug 50 ETF (513780) tracks leading companies in the innovative pharmaceutical sector, which is relatively scarce compared to the A-share market [3].

Market Overview - On April 22, 2025, the three major indices showed mixed results, with the Shanghai Composite Index rising by 0.25% to close at 3299.76 points, while the Shenzhen Component Index fell by 0.36% to 9870.05 points, and the ChiNext Index decreased by 0.82% to 1928.43 points. The total trading volume in both markets was 1.0898 trillion yuan, an increase of approximately 48.7 billion yuan compared to the previous trading day [2]. Sector Performance - The market experienced fluctuations throughout the day, with core broad indices showing more declines than gains. The China Securities Dividend Index, Dividend Index, and FTSE China A50 led the gains, while the Growth Enterprise Market, ChiNext 50, and ChiNext Index were among the biggest losers [2]. - In terms of sector performance, the retail trade, building materials, and transportation sectors saw gains, while media, telecommunications, and computer sectors experienced declines [2]. Industry Highlights - The retail trade sector rose by 1.0% today, with a 2.1% increase over the past five days, but a decline of 2.4% year-to-date. Key investment themes include traditional retail adapting to consumer trends, high-quality gold and jewelry brands, and domestic beauty brands focusing on high-growth segments [5]. - The building materials sector also increased by 1.0%, with a 1.6% rise over the past five days and a 1.4% increase year-to-date [3]. - The transportation sector saw a 0.9% rise today, with a 1.1% increase over the past five days, but a decline of 4.2% year-to-date [3]. Concept Themes - Notable concept themes included significant gains in supply and marketing cooperatives (3.9%), cross-border payment (3.6%), and glyphosate (3.6%). Conversely, themes such as humanoid robots and NVIDIA concepts saw declines [4].

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [1][34] Core Views - In March, retail sales showed a month-on-month recovery, increasing consumer demand focus. The retail sales growth rate in March was 5.9% year-on-year, up 1.9 percentage points from January-February, indicating a sustained recovery in consumption driven by previous policy stimuli. Looking ahead, the importance of domestic demand is expected to rise amid external demand disturbances, with consumption policies likely to be further enhanced to boost demand recovery [5][6] - The food and beverage index increased by 1.47% this week, with notable stock performances from Anji Food (+50.00%), Gui Faxiang (+14.58%), and Zuming Shares (+12.00%). The report emphasizes the resilience of essential consumer goods, predicting a sustained increase in attention towards these products due to improving consumer confidence and income [5][11] Summary by Sections Alcohol Industry - The high-end liquor segment remains strong, with recommendations for Kweichow Moutai, Wuliangye, and Luzhou Laojiao. The next tier of liquor, represented by Shanxi Fenjiu, is also recommended as it continues to expand nationally. For real estate liquor, companies like Yingjia Gongjiu and Jiansiyuan are highlighted [5][6] - Kweichow Moutai is projected to achieve a revenue of 170.6 billion yuan in 2024, a year-on-year increase of 15.9%. The company aims for a revenue growth of around 9% in 2025 [6][33] - Wuliangye's revenue for Q3 2024 is expected to be 173 billion yuan, with a net profit of 59 billion yuan, reflecting a stable shareholder return strategy [6][33] Food Industry - The food index saw a rise of 1.47% this week, with significant gains in essential consumer goods. The report suggests that the demand for essential goods will continue to grow, supported by policies aimed at boosting consumption and improving household income [5][11] - Anji Food reported a revenue of 110.77 billion yuan for Q1-Q3 2024, with a year-on-year growth of 7.84%. The company is positioned well in the frozen food market, despite facing some pressure from the macroeconomic environment [8][33] - Dongpeng Beverage's revenue for Q1-Q3 2024 reached 125.58 billion yuan, a 45.34% increase year-on-year, indicating strong growth in the functional beverage sector [8][33] Key Company Announcements - Kweichow Moutai is recruiting operators for its products on major platforms, aiming to expand its market presence [16] - Jinhuijiu reported a revenue of 11.1 billion yuan for Q1 2025, a year-on-year increase of 3.0% [17]

Investment Rating - The overall industry investment rating is positive, with expectations of returns exceeding the CSI 300 index by more than 5% in the next six months [28] Core Views - March retail sales data exceeded expectations, indicating a recovery in consumption and stabilization of fundamentals in the food and beverage sector [5][14] - The food and beverage sector saw a slight increase, with the SW food and beverage index rising by 0.32% [5][14] - The report highlights strong performance in the snack and beverage segments, with specific companies showing significant growth [6][24] Summary by Sections Sub-industry Ratings - No specific ratings for liquor, beverages, and food categories [3] - Recommended companies include: - Luzhou Laojiao: Buy - Shanxi Fenjiu: Buy - Jinshiyuan: Buy - Yingjia Gongjiu: Buy - Dongpeng Beverage: Buy - Youyou Food: Buy - Zhujiang Beer: Hold - Qingdao Beer: Hold - Yanjing Beer: Hold [3][27] Industry Performance - March retail sales total increased by 5.9% year-on-year, with restaurant income at 423.5 billion yuan, up 5.6% [5][14] - The SW food and beverage sector ranked 17th among 31 sub-industries [5][14] - Top-performing stocks included Anji Food (+50.00%), Kangbiter (+32.81%), and Maiqu'er (+24.09%) [5][14] Alcohol Sector Insights - The liquor sector is expected to see valuation recovery driven by domestic policy expectations, with a focus on companies with strong earnings certainty [18][21] - The SW liquor index decreased by 0.49%, but retail sales for tobacco and alcohol showed a recovery trend [18] - Recommendations include Luzhou Laojiao, Shanxi Fenjiu, Jinshiyuan, and Yingjia Gongjiu [21] Consumer Goods Sector Insights - The consumer goods sector is favored due to low-level consumption elasticity, with a focus on companies with strong Q1 performance [23] - The snack segment saw significant growth, driven by innovative products and new channels [23] - Key stocks to watch include Youyou Food, Zhujiang Beer, and Dongpeng Beverage [23] Beer Sector Updates - The beer sector is expected to benefit from improved consumption data and a significant recovery in the restaurant sector [24] - The SW beer index is anticipated to recover in Q2, with low inventory levels and favorable weather conditions [24] - Recommended companies include Zhujiang Beer, Yanjing Beer, and Qingdao Beer [24][26] Beverage Sector Updates - Dongpeng Beverage reported strong Q1 results, with revenue growth of 39.2% year-on-year [26] - The company is expanding its product offerings and enhancing its market presence [26] - Other beverage leaders are also expected to perform well in the upcoming season [26]